Download Marketing Terms and Concepts: From CRM to Consumer Decision-Making and more Quizzes Business Research Methods for Managers in PDF only on Docsity!
Marketing
The activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings with value for customers, clients, partners, and society at large TERM 2
Customer Relationship Management (CRM)
DEFINITION 2 Learning as much as you can about customers and doing what you can to satisfy or exceed their expectations TERM 3
Nonprofit marketing tactics include:
DEFINITION 3 Fundraising Public Relations Special Campaigns Ecological practices Changing public opinions and attitudes Increasing organizational membership TERM 4
Product
DEFINITION 4 A good, service, or idea that satisfies a consumers want or need TERM 5
Test Marketing
DEFINITION 5 Testing product concepts among potential product users
Brand Name
A word, letter, or a group of words or letters that differentiates one sellers goods from a competitors TERM 7
Pricing products depends on many factors:
DEFINITION 7 Competitors prices Production costs Distribution High or low price strategies TERM 8
Promotion
DEFINITION 8 All the techniques sellers use to inform people about their products and motivate them to purchase those products. Includes: Advertising, Personal selling, Public relations, Viral marketing, Sales promotions TERM 9
Marketing
Research
DEFINITION 9 Analyzing markets to determine challenges and opportunities, and finding the information needed to make good decisions Research is used to identify products consumers have used in the past and what they want in the future Research uncovers market trends and attitudes held by company insiders and stakeholders TERM 10
FOUR STEPS in the MARKETING RESEARCH
PROCESS
DEFINITION 10 1.Defining the problem or opportunity and determining the present situation 2.Collecting research data 3.Analyzing the data 4.Choosing the best solution and implementing it
Consumer Market
All the individuals or households that want goods and services for personal use and have the resources to buy them TERM 17
Market Segmentation
DEFINITION 17 Divides the total market into groups with similar characteristics TERM 18
Geographic Segmentation
DEFINITION 18 Dividing the market by cities, counties, states, or regions TERM 19
Demographic Segmentation
DEFINITION 19 Dividing the market by age, income, education, and other demographic variables TERM 20
Psychographic Segmentation
DEFINITION 20 Dividing the market by group values, interests, and opinions
Benefit Segmentation
Dividing the market according to product benefits the customer prefers TERM 22
Volume (Usage) Segmentation
DEFINITION 22 Dividing the market by the volume of product use TERM 23
Target Marketing
DEFINITION 23 Selecting which segments an organization can serve profitably TERM 24
Mass Marketing
DEFINITION 24 Developing products and promotions to please large groups of people TERM 25
Relationship Marketing
DEFINITION 25 Rejects the idea of mass production and focuses toward custom-made goods and services for customers (e.g., one- one marketing)
